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Last $2.22 USD
Change Today 0.00 / 0.00%
Volume 27.3K
As of 4:15 PM 08/4/15 All times are local (Market data is delayed by at least 15 minutes).

barnwell industries inc (BRN) Key Developments

Barnwell Industries, Inc. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended March 31, 2015

Barnwell Industries, Inc. announced unaudited earnings results for the second quarter and six months ended March 31, 2015. For the quarter, the company reported revenues of $3,492,000 against $7,833,000 a year ago. Net loss was $2,017,000 or $0.24 per basic and diluted share against $285,000 or $0.03 per basic and diluted share a year ago. The loss for the quarter ended March 31, 2015 increased significantly as natural gas, oil and natural gas liquids prices decreased 58%, 55% and 68%, respectively, in this current quarter as compared to a year ago, and production decreased for all products as a result of divestitures of oil and natural gas properties in fiscal 2014. For the six months, the company reported revenues of $9,524,000 against $15,034,000 a year ago. Net loss was $2,484,000 or $0.30 per basic and diluted share against $1,274,000 or $0.15 per basic and diluted share a year ago. The loss for the six months ended March 31, 2015 increased as compared to the six months ended March 31, 2014 as natural gas, oil and natural gas liquids prices decreased 36%, 37% and 53%, respectively, in this current six months as compared to a year ago and this year’s six months included the aforementioned $785,000 in non-cash deferred income tax expense while last year’s period did not.

Barnwell Industries, Inc. Reports Unaudited Earnings Results for the First Quarter Ended December 31, 2014

Barnwell Industries, Inc. reported unaudited earnings results for the first quarter ended December 31, 2014. The company reported a net loss of $467,000 or $0.06 per share for the three months ended December 31, 2014, as compared to a net loss of $989,000 or $0.12 per share for the three months ended December 31, 2013. The company ended the quarter with $14,188,000 in cash and cash equivalents and $9,708,000 in working capital. Revenue for the quarter was $6,032,000 against $7,201,000 a year ago. Operating results increased from the prior year period for both land investment and contract drilling segments while lower oil and natural gas net production of 54% and 21%, respectively, and lower prices for all petroleum products partially offset these improved results.

Barnwell Industries, Inc., Annual General Meeting, Mar 02, 2015

Barnwell Industries, Inc., Annual General Meeting, Mar 02, 2015., at 09:30 Central Standard Time. Location: Wyndham Garden Shreveport Hotel. Agenda: To consider the election of a Board of Directors to serve until the next annual meeting of stockholders and until their successors shall have been elected and qualified; to consider the ratification of the selection of the independent auditor for 2015; and to consider any and all other business which may properly come before the meeting.

Barnwell Industries, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended September 30, 2014

Barnwell Industries, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended September 30, 2014. For the quarter, the company reported net earnings of $2,162,000, or $0.26 per basic and diluted share, as compared to a net loss of $1,648,000 or $0.20 loss per basic and diluted share for the quarter ended September 30, 2013. Revenue was $31,445,000 against $24,608,000 a year ago. For the year, the company reported net earnings of $672,000 or $0.08 per basic and diluted share, for the year ended September 30, 2014, as compared to a net loss of $8,563,000 or $1.03 loss per basic and diluted share for the year ended September 30, 2013. Revenue was $31,445,000 against $24,608,000 a year ago.

Barnwell Industries Mulls Acquisitions

Barnwell Industries, Inc. is looking for acquisition opportunities. Morton H. Kinzler, Chairman and Chief Executive Officer of Barnwell said, "During the year ended September 30, 2014, in recognition of favorable asset pricing and to generate cash proceeds for deleveraging and investment purposes, Barnwell sold oil and natural gas properties for proceeds of $13 million which we believe to have been very favorable sales prices. Parts of these proceeds were utilized to repay $5 million of our Canadian debt during the year and the Company plans to pursue strategic acquisitions of oil and natural gas properties with the remaining proceeds."

 

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